Whytes Coaches Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC333425 (Scotland)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2020

FOR

WHYTES COACHES LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Report of the Accountants

9

DIRECTORS:

Mr D A Campbell

Mr J Carrison

REGISTERED OFFICE:

Whytes Coaches Scotstown Road

Newmachar

Aberdeen

AB21 7PP

REGISTERED NUMBER:

SC333425 (Scotland)

ACCOUNTANTS:

Acumen Accountants and Advisors Limited

Unit 1, Office 1 & 8

Blackhall Industrial Estate

Burghmuir Circle

Inverurie

Aberdeenshire

AB51 4FS

FIXED ASSETS

Intangible assets

3

-

-

Tangible assets

4

492,065

584,978

492,065

584,978

CURRENT ASSETS

Stocks

5

7,226

10,793

Debtors

6

99,240

99,242

Cash at bank and in hand

1,560

1,684

108,026

111,719

CREDITORS

Amounts falling due within one year

7

302,931

311,454

NET CURRENT LIABILITIES

(194,905

)

(199,735

)

TOTAL ASSETS LESS CURRENT LIABILITIES

297,160

385,243

CREDITORS

Amounts falling due after more than one year

8

(142,447

)

(167,499

)

PROVISIONS FOR LIABILITIES

(93,492

)

(111,146

)

NET ASSETS

61,221

106,598

CAPITAL AND RESERVES

Called up share capital

50,000

50,000

Retained earnings

11,221

56,598

SHAREHOLDERS' FUNDS

61,221

106,598

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2020 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 6 November 2020 and were signed on its behalf by:

Mr D A Campbell - Director

1.	ACCOUNTING POLICIES

Accounting policies

Company Information

Whytes Coaches Limited is a private company limited by shares incorporated in Scotland. The registered office and principal

place of business is Scotstown Road, Newmachar, ABERDEEN, AB21 7PP.

Accounting Convention

These financial statements have been prepared in accordance with FRS 102 "The Financial Reporting Standard applicable in the

UK and Republic of Ireland" ("FRS 102") and the requirements of the Companies Act 2006 as applicable to companies subject to

the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where

additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these

financial statements are rounded to the nearest pound.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are

set out below.

Going Concern

The balance sheet shows net current liabilities of £194,905 (2019 - £199,735) however the company directors' have confirmed

that they will provide adequate resources to ensure that the company continues its operational existence for the foreseeable

future. In particular, they have confirmed that they will ensure all liabilities are met. In coming to this conclusion, the directors

have paid particular attention to the period of one year from the date of approval of the financial statements.

Turnover

Turnover represents amounts receivable for goods and services net of VAT and trade discounts. Turnover is recognised on an

accruals basis dependent on when the goods and services are provided.

Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired.

It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated

impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected

life, which is 10 years.

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the

acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more

frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less

than the carrying amount of the unit., the impairment loss is allocated first to reduce the carrying amount of any goodwill

allocated to the unit and then to the other assets of the unit pro-rata on the basis of each asset in the unit.

Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment

losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the

following basis:

Leasehold Improvements 5% on cost

Plant and Machinery 20% on cost

Fixtures, Fittings and Equipment 10% on cost

Motor Vehicles 10% on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying

value of the asset, and is credited or charged to the profit or loss.

Impairment of Fixed Assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine

whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable

amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises of direct

materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their

present location and condition.

Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current Tax

The tax currently payable is based on taxable profit for the year. taxable profit differs from net profit as reported in the profit and

loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes

items that are never taxable or deductible. the company's liability for current tax is calculated using tax rates that have been

enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that

it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets

and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and

liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer

probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated

at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged

or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the

deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable

right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax

authority.

Leases

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of

ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the

present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation.

Lease payments are treated as consisting of capital and interest elements. The interest is charged to the profit and loss account so

as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including and lease incentives received, are charged to income on a straight line basis

over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which

economic benefits from the lease asset are consumed.

Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be

recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.

Retirement Benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic financial Instruments' and Section 12 'Other financial

Instruments Issues' of the FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual

provisions of the instrument.

Financial Assets

Financial Assets are classified into specific categories. The classification depends on the nature and purpose of the financial

assets and are determined at the time of recognition.

Basic Financial Assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including

transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement

constitutes a financial transaction, where the transaction is measured at the present value of the future receipts discounted at a

market rate of interest. Financial assets classified as receivable within on year are not amortised.

Classification of Financial Liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into.

An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its

liabilities.

Basic Financial Liabilities

Basic financial liabilities, including creditors, are initially recognised at transaction price and the arrangement constitutes a

financing transaction.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from

suppliers.

Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on

equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Derivatives

Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured

to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the

derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss

depends on the nature of the hedge relationship.

A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is

recognised as a financial liability.

Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand and bank overdrafts. Bank overdrafts are shown

within borrowings in current liabilities.

2.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2019 - 13 ) .

3.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 May 2019

and 30 April 2020

343,003

AMORTISATION

At 1 May 2019

and 30 April 2020

343,003

NET BOOK VALUE

At 30 April 2020

-

At 30 April 2019

-

4.	TANGIBLE FIXED ASSETS

Fixtures

Long

Plant and

and

Motor

leasehold

machinery

fittings

vehicles

Totals

£

£

£

£

£

COST

At 1 May 2019

62,778

57,246

24,141

932,383

1,076,548

Additions

-

1,450

-

5,000

6,450

At 30 April 2020

62,778

58,696

24,141

937,383

1,082,998

DEPRECIATION

At 1 May 2019

30,735

50,646

22,944

387,245

491,570

Charge for year

3,139

2,290

481

93,453

99,363

At 30 April 2020

33,874

52,936

23,425

480,698

590,933

NET BOOK VALUE

At 30 April 2020

28,904

5,760

716

456,685

492,065

At 30 April 2019

32,043

6,600

1,197

545,138

584,978

5.

STOCKS

2020

2019

£

£

Stocks

7,226

10,793

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

18,001

67,492

Other debtors

5,250

4,472

Intercompany loan

28,075

-

VAT

4,665

11

Prepayments and accrued income

43,249

27,267

99,240

99,242

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Bank loans and overdrafts

181,196

88,539

Hire purchase contracts (see note 9)

41,435

64,455

Trade creditors

19,409

31,536

Tax

19,154

12,854

Social security and other taxes

2,228

2,370

Net Pay

5,050

-

Other creditors

1,385

1,231

Accruals and deferred income

28,650

102,722

Accrued expenses

4,424

7,747

302,931

311,454

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2020

2019

£

£

Hire purchase contracts (see note 9)

142,447

167,499

9.	LEASING AGREEMENTS

Operating lease payments represent rentals payable by the company. These commitments expire in 2025.

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable

operating leases, as follows:

Non-cancellable operating

leases

2020

2019

£

£

Within one year

28,800

28,800

Between one and five years

115,200

115,200

In more than five years

-

28,800

144,000

172,800

10.	PARENT COMPANY

The company is a wholly owned subsidiary of WCCU Limited whose registered office is Scotstown Road, Newmachar,

Aberdeen, AB21 7PP. WCCU Limited is not seen to be controlled by any single person. WCCU Limited is the ultimate parent

company.

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial

statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are

cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be

filed with the Registrar of Companies.

As described on the Balance Sheet you are responsible for the preparation of the financial statements for the year ended 30 April 2020 set out on pages three to eleven and you consider that the company is exempt from an audit.

In accordance with your instructions, we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and information and explanations supplied to us.

Acumen Accountants and Advisors Limited

Unit 1, Office 1 & 8

Blackhall Industrial Estate

Burghmuir Circle

Inverurie

Aberdeenshire

AB51 4FS

6 November 2020